Wealthy people expecting more from private bankers

High earning individuals have grown to expect tailor-made, personalised services from their wealth management provider. Consumers are also now demanding a more comprehensive approach from private banking.

Enrica Sighinolfi, a founding member of Opportunity Network, says the private banks need to build a deeper relationship with their customers to understand their concerns and motivations.

“Customers’ behaviour, knowledge, and preferences are changing at a comparable rate and demand a new approach, requiring financial institutions to rethink the relationships and interactions they have with their clients.”

The private banking industry is a highly competitive industry with all South Africa’s major banks having their own offering to attract high-net-worth individuals.